​​​Flame Blog

by Maria Tabish Chawla

Today marks the 10th anniversary since the publication of Satoshi Nakamoto’s whitepaper on a ‘revolutionary peer-to-peer electronic cash system’. This was the first time the concept of Bitcoin and the underlying blockchain technology was put out into the public domain.

At its heart, blockchain is a relatively straightforward concept. It is a ledger of blocks of information, such as transactions or agreements that are stored across a network of computers. This information is stored chronologically, can be viewed by a community of users, and is not usually managed by a central authority such as a bank or a government. Once published, the information in a certain block can't be changed.

This is a powerful concept.

Ten years ago, blockchain was combined with other technologies to create cryptocurrencies, with the first blockchain-based cryptocurrency being Bitcoin. The crypto world now has more than 1,500 cryptocurrencies being traded on over 190 exchanges around the world.

However, ten years on, the question on everyone’s mind is whether blockchain technology is fulfilling the promise it set out to achieve, or whether the technology is being used to its full potential.

One of the main criticisms faced by cryptocurrencies today is the increasing volatility and instability in the cryptocurrency space. This has led to a lack of trust not only within the cryptocurrency market but also in the media.

The need of the hour is to focus on restoring stability and trust to cryptocurrencies. This will not only increase its practicality as a store of value and a medium of exchange but also channel mainstream investments into the crypto market. Similarly, it’ll distinguish companies championing this stability from the distrust prevalent in the market today.

Championing the restoration of stability and trust to the cryptocurrency market is only the first step. It is also important to develop the right messaging and campaigns to get the word out. With the right combination of commercial goals and targeted PR outcomes, the sky is the limit!